French insurance contributions on executive and shareholder
remuneration (pay + dividends) have been substantially increased by the
National Insurance Funding for 2013 Act, No. 2012-1404, of 17th December 2012. Until
31st December 2012, all dividends were subject to national insurance
contributions on unearned incomeÂ but
henceforth, under Article L136-3 of the National Insurance Code, amended by Act
No. 2012-1404, certain dividends Â are considered as pay received by
executives and shareholders and are therefore subject to the national insurance
contributions on pay. The Act also abolished the ceiling on health insurance
contributions payable by the self-employed and all this means that businesses
must rethink the way that they have been structured until now.

The Kingdom of Morocco is supporting the ambition of becoming the
leading financial place for Africa. In this context, a wave of draft
laws is to be passed and implemented within the following months,
amongst which, the Law No.Â 53.08, setting up a new financial authority,
and the Law No.Â 54.08, reforming public offering rules, are of paramount
importance to Moroccan and foreign issuers, and financial institutions.

The opportunities offered to foreign investors by the Chinese mergers and acquisitions market are increasing every year: in 2010, transactions involving foreign companies came to 60.1 billion euros, an increase of 21.2% compared with 2009. Seen from the West, where markets are declining, all sectors of the Chinese economy seem to be undergoing promising development and the statistics indicate that the Middle Empire will be a lasting springboard for growth.

Types of investors
The private equity (PE) funds that are active in Bulgaria are not raised or registered in the country. Some Bulgarian PE funds were raised recently, but there are no statistics as to the sources of their funding, their number, the funds that were accumulated, etc.

The second supplementary budget published in the Official Gazette September 19, 2011 provides for two key measures that affect the deferral of tax losses and taxation of capital gains realized on the sale of equity securities .